Triveni Turbine Q1 FY27 Results (NSE: TRITURBINE)
Signal: Margin pressure
The read
The quarter marked a sharp operating setback after Q2FY26's 23% margin and Q3FY26's 21% margin: revenue grew 19.2% to ₹4,427 million, but EBITDA margin contracted 780bps to 18.0% and PAT fell 20.8% to ₹511 million. The offset is a higher-quality order pipeline, with export booking up 53.4% to ₹3,842 million, aftermarket booking up 53.4% to ₹2,236 million and aftermarket backlog up 115.1% to ₹6,238 million, making H2 execution and margin recovery the key inflection to monitor.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹442.7 Cr | 19.2% | -34.8% |
| EBIT | ₹70.3 Cr | -20.2% | |
| Net profit | ₹51.1 Cr | -20.8% | |
| EPS | ₹1.6 | -21.2% | |
| EBIT margin | 18.0% |
P&L walk
Revenue increased 19.2% YoY to ₹4,427 million, but gross margin compressed to 42.6% from 52.1% and EBITDA fell 16.8% to ₹797 million as unfavorable mix, price escalation and strategic-order ramp-up outweighed topline growth; PAT fell 20.8% to ₹511 million and was materially supported by other income equal to 40.7% of PBT.
Key positives
- Revenue increased 19.2% YoY to ₹4,427 million, with domestic revenue up 27.4% to ₹2,397 million.
- Export order booking increased 53.4% YoY to ₹3,842 million and represented 67.6% of quarterly bookings versus 46.8% a year earlier.
- Aftermarket order booking rose 53.4% YoY to ₹2,236 million, while the closing aftermarket order book more than doubled by 115.1% to ₹6,238 million.
- Closing order book increased 5.1% YoY to ₹21,796 million, providing stated visibility for H2 FY27.
Key concerns
- EBITDA declined 16.8% YoY to ₹797 million and EBITDA margin compressed 780bps to 18.0%, reflecting unfavorable mix, price escalation and strategic-project ramp-up.
- Gross margin fell approximately 950bps YoY to 42.6% as cost of materials increased to 57.3% of revenue from 44.8%, indicating substantial input-cost absorption and/or mix pressure.
- Domestic order booking declined 35.4% YoY to ₹1,841 million, while product order booking declined 11.6% to ₹3,447 million.
- Consolidated PAT declined 20.8% to ₹511 million despite other income of ₹284 million, equal to 40.7% of PBT.
Earnings quality: includes non-operating other income
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